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Qatari Milaha Remains Profitable in 2017

Qatar Navigation (Milaha) has announced its financial results for the twelve months ended 31 December 2017. Milaha delivered a net profit of QAR 470 million (US$130 million) for the full year of 2017. Operating revenues decreased by 2% to QAR 2.491 billion (US$688 million) for the twelve months ended 31 December 2017, compared to the same period in 2016. Operating profit decreased by 19% to QAR 448 million (US$123.7 million) for the twelve months ended December 31, 2017, compared to the same period in 2016.

“Despite the unexpected events and ongoing industry-wide challenges during the year, Milaha remained profitable in 2017 driven by a stronger operating performance in the third quarter onwards, which we believe, sets the stage for a successful 2018. Going forward, we will continue to focus on driving growth and executing on our strategic priorities,” said H.E. Sheikh Ali bin Jassim Al Thani, Chairman of Milaha’s Board of Directors.

For his part, Milaha’s President and CEO said: “We finished 2017 with strong momentum to carry us into 2018 and beyond. This reflects the success of the new shipping routes and supply chain solutions we launched throughout the year. Additionally, we continued to improve the cost structure of our businesses, expand our value proposition, and we remain on track to deliver sustained short and long-term growth.”

The company will conduct an investor conference call on Monday, March 5, 2018 at 2pm Doha time, to further discuss its results. The conference call may be accessed by telephone by dialing Qatar Toll Free: 00 800 100 458 and entering the Conference ID: 5962712. Further information can be found on our website www.milaha.com.